Public warned against fake real estate brokers

THE Cebu Real Estate Board, Inc. (Cereb) has warned the public against fake brokers and agents selling properties online.

Cereb president Lucylyn Whysall said it is necessary to continuously warn the public about colorum brokers operating online especially on the social networking site Facebook.

She advised the public to transact only with licensed brokers and sales agents so as not to fall victim to fraudulent transactions.

She likewise urged brokers to be transparent by indicating their license numbers on the ads they put up online.

Their campaign is in line with the crusade of the Philippine Association of Real Estate Boards, Inc. (Pareb) against fake brokers.

Whysall said one sure way to spot a legitimate broker is if he or she has a Professional Regulations Commission (PRC) ID.

Whysall observed that selling of properties like houses, lots and condos has become rampant online.

However, under the Housing and Land Use Regulatory Board (HLURB) rules, brokers are required to show their license numbers on the ads that they place whether online or in any other means.

Meanwhile, Cereb has noted an increase in the number of expats buying properties in Cebu City and Dumaguete City.

Whysall said most of them are retirees from neighboring Asian countries like Japan, South Korea, and China who are looking for a place to settle and enjoy their retirement.

“Cebu and Dumaguete City is a hub of two worlds. It’s a city and a province at the same time,” Whysall explained, adding that the proximity of said areas to the beach was one of the factors why they are the top choice of retirees.

Due to this, Whysall expects a boom in the real estate industry. Investors, she said, are now even considering not just the major cities but neighboring towns as well.

She added that investors are willing to build nursing and care homes for the elderly.